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October 2014

President Nursultan Nazarbayev’s efforts to promote Islamic finance and banking were rewarded Oct. 28 when he received the Global Islamic Finance Award (GIFA) at the 10th World Islamic Economic Forum (WIEF) in Dubai.

Fears of Russia re-asserting its Cold War dominance in the Baltic Sea are forcing countries there to re-think their defenses, prioritizing military spending at home and reducing participation in far-flung U.N. or U.S.-led missions.

Kazakhstan is keen to strengthen the United Nations further and is willing to assist in expanding its presence in the country, including through the establishment of a UN regional diplomacy hub in Almaty, the country’s foreign minister said.

Lithuania's new liquefied natural gas (LNG) terminal in Klaipėda will be able to cover around 90 percent of the gas needs of Lithuania, Latvia and Estonia, Lithuanian President Dalia Grybauskaitė said on Monday.

Oil prices have been recently falling; many commentators wonder why. After all, this is quite a surprise, if we consider the current turbulences in oil-rich Middle East. One possible explanation is the global slowdown of the world economy; after all, China’s growth is by now in the region of 7-8%, clearly less than the 11-12% it recorded just few years ago; India, too, has slowed down; the two giants together represent more than 2.5 billion people and of course have a huge impact on the global demand. Another explanation points to USA investment in shale energy. While it is true that USA shale oil extraction has risen by 53% in the years 2008-13, and the States might become the world’s largest oil producer in 2014, it is also true that this boom might not last long. Drilling costs are high and in 2013 USA domestic production still covered only 55% of its overall consumption. In other words, the shale oil boom might remain a temporary phenomenon. Leaving aside American shale, what has surprised the markets has mainly been Saudi Arabia’s choice to cut oil prices, as announced on October 1 (Wall Street Journal, 1 October) and followed by further cuts in other Gulf countries.

French President François Hollande held talks with leaders from Armenia and Azerbaijan Monday over the disputed region of Nagorny Karabakh. The two visitnig presidents agreed to exchange information on people missing due to the long-running conflict.

Kazakhstan doesn’t expect progress in realization of the project for creation of the Kazakhstan Caspian Transportation System due to searches for oil transportation route alternatives to the Russian route, Kazakh Energy Ministry told Trend Oct. 22.

The European Union suddenly and surprisingly changed its long and firmly held position that Russia has no right to interfere in its relations with Ukraine on Sept. 12. EU Trade Commissioner Karel De Gucht announced that an agreement had been reached between the EU, Russia and Ukraine to delay the implementation of a deep and comprehensive free-trade agreement (DCFTA) between the EU and Ukraine.

The European Commission intends to hold negotiations with Azerbaijan and Turkmenistan regarding the establishment of the Trans-Caspian gas pipeline, Azerbaijani Energy Minister Natik Aliyev said in Baku on October 21, the local media reported.

Horse trading intensifies as the eleventh hour approaches for the EU to decide on its 2030 climate and energy policy. And while Poland has led an Eastern coalition to resist ambitious targets for Europe, Ondrej Pasek writes that some may be only reluctantly following Warsaw.